Abstract
The current international monetary and financial problems have their roots in a number of developments during the 1970s. The most important of these are: (a) a drastic deceleration of growth of GDP and world trade; (b) unprecedented levels of inflation; (c) the collapse of the system of fixed exchange rates; (d) the food crisis of 1972–4; and (e) the oil price shocks. These are all interrelated, but for convenience they may be examined separately.
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Reference
IMF (1983) IMF World Economic Outlook (Washington, DC: IMF), Table 20, p. 189.
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© 1987 International Economic Association
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Taylor, A. (1987). Introduction to Part VI. In: Borner, S., Taylor, A. (eds) Structural Change, Economic Interdependence and World Development. International Economic Association Series. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-09117-1_21
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DOI: https://doi.org/10.1007/978-1-349-09117-1_21
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-09119-5
Online ISBN: 978-1-349-09117-1
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